Dear Wing Community,
In 2023, due to a vulnerability in the Poly Network cross-chain protocol, a hacker was able to mint $WING tokens on Binance Smart Chain (BSC), Ethereum, and OKT Chain (OKC). These assets were then bridged and used to drain liquidity. The hacker had already withdrawn the corresponding collateralized WING assets on the Ontology chain, rendering the WING tokens held by users on these other chains effectively worthless. As a result, the cross-chain bridge also became non-functional due to the loss of liquidity.
Over the past year, the Wing team has made continuous efforts to communicate with the Poly Network team in hopes of resolving the issue, whilst advocating for a user compensation plan. Unfortunately, there has been no clear response or commitment from their side. With Poly Network recently announcing bankruptcy, any chance of user compensation from them has effectively disappeared.
Although this incident was not caused by the Wing project, we believe it is our responsibility to explore ways to support the affected users and protect the long-term value of the WING token.
Proposal
Clear and practical solutions have already been implemented for both the Binance Smart Chain and OKT Chain bridges, ensuring that users were able to redeem their WING assets through alternative, community-supported channels—without the need to reactivate the original bridge mechanisms.
To further support the community and address unresolved issues stemming from the 2023 incident, we propose allocating a portion of the Wing Community Fund to provide liquidity support for users holding $WING on the Ethereum network.
This initiative would allow affected users to redeem their Ethereum-based $WING for native WING token on the Ontology chain, following a fair and predefined conversion ratio. This aims to restore access to functional, tradable WING assets for impacted users.
We propose unlocking 241,757 $WING (exact amount: 241,756.957962782) from the Community Fund for this purpose.
Details of the impacted Ethereum-based assets at the time of the incident can be found here:
https://etherscan.io/tx/0xc6245cb7c9bf44b206fef1ed934a449dc3e259d946d477b170937f6e24dce992
Rationale
This is a gesture of goodwill and responsibility to long-time supporters of the Wing project.
The proposal is designed to restore sufficient liquidity for affected users.
The Wing team will implement a review process to screen wallets and amounts eligible for redemption, ensuring that malicious actors (e.g., hacker addresses) are excluded from the mechanism.
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Next Steps
We will soon initiate a community vote on this proposal after gathering feedback. We welcome all WING holders to participate in the discussion and help shape the future direction of the Wing community.
Thank you for your continued trust and support.
Wing Finance Team